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    Joe Spak • UBS Group AG

    Joe Spak's questions to Magna International Inc (MGA) leadership

    Joe Spak's questions to Magna International Inc (MGA) leadership • Q2 2025

    Question

    Joe Spak from UBS inquired about the specific drivers for the Q4-weighted EBIT, asking if it was due to production schedules or recovery timing. He also sought clarification on the net tariff impact in H2 and asked about Magna's opportunity regarding GM's announced production shifts back to the U.S.

    Answer

    CFO Patrick McCann explained the Q4 weighting is a combination of typical Q3 production shutdowns and the back-ended timing of commercial and tariff recoveries. He clarified that tariffs, which were a headwind in H1, are expected to be a net positive to EBIT in H2 due to the timing of recoveries from signed agreements. CEO Seetarama Swamy Kotagiri added that Magna is well-positioned to support OEM production rebalancing but is focused on capital discipline before making new investment decisions.

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    Joe Spak's questions to Dana Inc (DAN) leadership

    Joe Spak's questions to Dana Inc (DAN) leadership • Q3 2024

    Question

    Joe Spak asked about the drivers of the strong implied Q4 free cash flow, key factors for 2025 free cash flow, and requested a refresher on the synergies between the Off-Highway division and the rest of Dana's business.

    Answer

    Timothy Kraus, SVP & CFO, explained that strong Q4 cash flow is typical due to business seasonality, driven by working capital and CapEx timing. He noted opportunities for further working capital improvements in 2025. James Kamsickas, Chairman & CEO, described the synergies as extensive, with the Power Technologies group supporting all three end markets (Light Vehicle, Commercial Vehicle, Off-Highway) with thermal, sealing, and electrification capabilities, making the businesses highly interconnected.

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